Tungsten Market Size to Grow by 28.14 thousand MTPA| 71% of the growth to originate from APAC| Technavio
NEW YORK, April 7, 2022 /PRNewswire/ -- According to the research report, Tungsten Market will witness a YOY growth of 4.11% in 2022 at a CAGR of 4.44% during the forecast period. The report is segmented by product (hard metal, steel and alloys, mill products, and others) and geography (APAC, Europe, North America, MEA, and South America). One of the key factors driving growth in the tungsten market is the wide use of tungsten in integrated circuits.
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Vendor Insights
Tungsten Market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- Almonty Industries Inc.
- AMC Group
- Asia Tungsten Products Ltd
- Buffalo Tungsten Inc.
- China Molybdenum Co. Ltd.
- China Tungsten Online Manu and Sales Corp.
- Dymet
- Federal Carbide Co.
- Global Tungsten and Powders Corp.
- GuangDong XiangLu Tungsten Co. Ltd.
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Geographical Market Analysis
During the projection period, APAC will account for 71% of the market's growth. Tungsten's main markets in APAC are China, Japan, and India. The market in this region will increase at a quicker rate than the market in other regions.
Due to strong economic expansion in APAC, major end-user industries of tungsten, including automotive, construction, aerospace, and defense, are thriving.
Furthermore, countries such as the US, UK, Germany, Canada, and Australia are expected to emerge as prominent markets for Tungsten Market during the forecast period.
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Key Segment Analysis
The hard metal segment's tungsten market share will expand significantly. Cemented carbides have high strength, hardness, fracture toughness, and transverse rupture strength. They're used to machine cast irons, hardened steel, non-ferrous metals, nickel-based high-strength alloys, stainless steel, composites, and wear components, among other materials. They're employed in aerospace, automotive, pump and seal, oil and gas, metal forming, metallurgy, and hygiene products, among other applications.
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Key Market Drivers & Challenges:
The widespread usage of tungsten in integrated circuits is one of the primary drivers driving growth in the tungsten industry. Another element that is predicted to have a favourable impact in the coming years is the shrinking of electronic components. During the projected period, however, strict environmental and safety regulations will be a major challenge for the tungsten market.
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Tungsten Market Scope | |
Report Coverage | Details |
Page number | 120 |
Base year | 2021 |
Forecast period | 2022-2026 |
Growth momentum & CAGR | Accelerate at a CAGR of 4.44% |
Market growth 2022-2026 | 28.14 th MTPA |
Market structure | Fragmented |
YoY growth (%) | 4.11 |
Regional analysis | APAC, Europe, North America, MEA, and South America |
Performing market contribution | APAC at 71% |
Key consumer countries | China, India, Japan, Russian Federation, and US |
Competitive landscape | Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled | Almonty Industries Inc., AMC Group, Asia Tungsten Products Ltd, Buffalo Tungsten Inc., China Molybdenum Co. Ltd., China Tungsten Online Manu and Sales Corp., Dymet, Federal Carbide Co., Global Tungsten and Powders Corp., and GuangDong XiangLu Tungsten Co. Ltd. |
Market dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1. Executive Summary
1.1 Market Overview
Exhibit 01: Key Finding 1
Exhibit 02: Key Finding 1
Exhibit 03: Key Finding 2
Exhibit 04: Key Finding 3
Exhibit 05: Key Finding 4
Exhibit 06: Key Finding 5
Exhibit 07: Key Finding 5
2. Market Landscape
2.1 Market ecosystem
Exhibit 08: Parent market
Exhibit 09: Market characteristics
2.2 Value chain analysis
Exhibit 10: Value chain analysis: Specialty Chemicals
3. Market Sizing
3.1 Market segment analysis
Exhibit 11: Market segments
3.2 Market size 2021
3.3 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.4 Market outlook: Forecast for 2021 - 2026
Exhibit 13: Global - Market size and forecast 2021 - 2026 (thousand MTPA)
Exhibit 14: Global market: Year-over-year growth 2021 - 2026 (%)
4. Five Forces Analysis
4.1 Five Forces Summary
Exhibit 16: Five forces analysis 2021 & 2026
4.2 Bargaining power of buyers
Exhibit 17: Bargaining power of buyers
4.3 Bargaining power of suppliers
Exhibit 18: Bargaining power of suppliers
4.4 Threat of new entrants
Exhibit 19: Threat of new entrants
4.5 Threat of substitutes
Exhibit 20: Threat of substitutes
4.6 Threat of rivalry
Exhibit 21: Threat of rivalry
4.7 Market condition
Exhibit 22: Market condition - Five forces 2021
5 Market Segmentation by Product
5.1 Market segments
Exhibit 22: Product - Market share 2021-2026 (%)
5.2 Comparison by Product
Exhibit 23: Comparison by Product
5.3 Hard metal - Market size and forecast 2021-2026
Exhibit 24: Hard metal - Market size and forecast 2021-2026 (thousand MTPA)
Exhibit 25: Hard metal - Year-over-year growth 2021-2026 (%)
5.4 Steel and alloys - Market size and forecast 2021-2026
Exhibit 26: Steel and alloys - Market size and forecast 2021-2026 (thousand MTPA)
Exhibit 27: Steel and alloys - Year-over-year growth 2021-2026 (%)
5.5 Mill products - Market size and forecast 2021-2026
Exhibit 28: Mill products - Market size and forecast 2021-2026 (thousand MTPA)
Exhibit 29: Mill products - Year-over-year growth 2021-2026 (%)
5.6 Others - Market size and forecast 2021-2026
Exhibit 30: Others - Market size and forecast 2021-2026 (thousand MTPA)
Exhibit 31: Others - Year-over-year growth 2021-2026 (%)
5.6.1 Ammonium paratungstate
5.6.2 Tungsten compounds
5.6.3 Tungsten powder
5.7 Market opportunity by Product
Exhibit 32: Market opportunity by Product
6. Customer landscape
6.1 Overview
Technavio's customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria
Exhibit 33: ?Customer landscape?
7. Geographic Landscape
7.1 Geographic segmentation
Exhibit 34: Market share by geography 2021-2026 (%)
7.2 Geographic comparison
Exhibit 35: Geographic comparison
7.3 APAC - Market size and forecast 2021-2026
Exhibit 36: APAC - Market size and forecast 2021-2026 (thousand MTPA)
Exhibit 37: APAC - Year-over-year growth 2021-2026 (%)
7.4 Europe - Market size and forecast 2021-2026
Exhibit 38: Europe - Market size and forecast 2021-2026 (thousand MTPA)
Exhibit 39: Europe - Year-over-year growth 2021-2026 (%)
7.5 North America - Market size and forecast 2021-2026
Exhibit 40: North America - Market size and forecast 2021-2026 (thousand MTPA)
Exhibit 41: North America - Year-over-year growth 2021-2026 (%)
7.6 MEA - Market size and forecast 2021-2026
Exhibit 42: MEA - Market size and forecast 2021-2026 (thousand MTPA)
Exhibit 43: MEA - Year-over-year growth 2021-2026 (%)
7.7 South America - Market size and forecast 2021-2026
Exhibit 44: South America - Market size and forecast 2021-2026 (thousand MTPA)
Exhibit 45: South America - Year-over-year growth 2021-2026 (%)
7.8 Key leading countries
Exhibit 46: Key leading countries
7.9 Market opportunity by geography
Exhibit 47: Market opportunity by geography ($ billion)
8. Drivers, Challenges, and Trends
8.1 Market drivers
8.1.1 Wide use of tungsten in integrated circuits
8.1.2 Increasing demand for tungsten carbide from automotive industry
8.1.3 Vast reserves of tungsten ores in China
8.2 Market challenges
8.2.1 Stringent environmental and safety regulations
8.2.2 Recent economic slowdown in China
8.2.3 Fluctuations in tungsten and tungsten product prices
Exhibit 48: Impact of drivers and challenges
8.3 Market trends
8.3.1 Miniaturization of electronic components
8.3.2 Recycling of tungsten scrap
8.3.3 Emerging future applications of tungsten
9. Vendor Landscape
9.1 Overview
Exhibit 49: Vendor landscape
The potential for the disruption of the market landscape was moderate in 2020, and its threat is expected to remain unchanged by 2025.
9.2 Landscape disruption
Exhibit 50: ?Landscape disruption?
Exhibit 51: Industry risks
9.3 Competitive scenario
10. Vendor Analysis
10.1 Vendors covered
Exhibit 52: Vendors covered
10.2 Market positioning of vendors
Exhibit 53: ?Market positioning of vendors?
10.3 Almonty Industries Inc.
Exhibit 54: Almonty Industries Inc. - Overview
Exhibit 55: Almonty Industries Inc. - Product and service
Exhibit 56: Almonty Industries Inc. – Key news
Exhibit 57: Almonty Industries Inc. - Key offerings
10.4 AMC Group
Exhibit 58: AMC Group - Overview
Exhibit 59: AMC Group - Product and service
Exhibit 60: AMC Group - Key offerings
10.5 Asia Tungsten Products Ltd
Exhibit 61: Asia Tungsten Products Ltd - Overview
Exhibit 62: Asia Tungsten Products Ltd - Product and service
Exhibit 63: Asia Tungsten Products Ltd - Key offerings
10.6 Buffalo Tungsten Inc.
Exhibit 64: Buffalo Tungsten Inc. - Overview
Exhibit 65: Buffalo Tungsten Inc. - Product and service
Exhibit 66: Buffalo Tungsten Inc. - Key offerings
10.7 China Molybdenum Co. Ltd.
Exhibit 67: China Molybdenum Co. Ltd. - Overview
Exhibit 68: China Molybdenum Co. Ltd. - Product and service
Exhibit 69: China Molybdenum Co. Ltd. - Key offerings
10.8 China Tungsten Online Manu and Sales Corp.
Exhibit 70: China Tungsten Online Manu and Sales Corp. - Overview
Exhibit 71: China Tungsten Online Manu and Sales Corp. - Product and service
Exhibit 72: China Tungsten Online Manu and Sales Corp. - Key offerings
10.9 Dymet
Exhibit 73: Dymet - Overview
Exhibit 74: Dymet - Product and service
Exhibit 75: Dymet - Key offerings
10.10 Federal Carbide Co.
Exhibit 76: Federal Carbide Co. - Overview
Exhibit 77: Federal Carbide Co. - Product and service
Exhibit 78: Federal Carbide Co. - Key offerings
10.11 Global Tungsten and Powders Corp.
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SOURCE Technavio
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